FSD Africa Investments backs Ghanaian fund of funds
FSD Africa Investments has committed $7.5 million to the Ci-Gaba (Progress) Fund.
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FSD Africa Investments (FSDAi) has committed $7.5 million to the Ci-Gaba (Progress) Fund, supporting its $75 million first close.
Ci Gaba is a Ghanian-domiciled fund of funds channeling pension capital into private equity and private debt. Its first close surpassed the $30 million target, anchored by domestic pension funds, signalling strong market confidence in locally structured private market vehicles.
“Ci Gaba Venture Capital bridges the gap between Ghana’s long-term savings and high-growth enterprises. By strengthening market infrastructure, backing fund managers and channeling local capital into productive sectors, Ci-Gaba is helping lay the foundation for sustainable growth and job creation across Ghana and the region,” FSD Africa Investments said in a statement.
“We have reached this first close in record time ... with more than two-thirds anchored by local pension funds ... We have co-created and underwritten an investment vehicle that aligns with regulatory requirements and governance standards, enabling pension funds to invest confidently in alternative assets,” said Anne-Marie Chidzero, chief investment officer of FSD Africa Investments.
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Great breakdown of this milestone deal. The fact that local pension funds anchored two-thirds of the capital shows a real shift in how African institutional investors view alternative assets. I've seen simlar patterns in other emerging markets where domestic anchors eventually crowd in more international capital. The governance alignment piece is probaly the key unlock here for getting pension regulators comfortable with the asset class.